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8:44 am, November 18, 2008
In House takes 75 per cent stake in Breatheasy Finance
By Claire Shoesmith
Warrington-based investment group In House has bought a 75 per cent interest in Cheadle-based Breatheasy Finance Ltd for an estimated £200,000 in shares.
In a statement to the stock exchange, In House (AIM: IHGP) said under the heads of terms agreed with Breatheasy, it has issued 50m new shares at a price of 0.05p in settlement of a £25,000 payment for a three-month exclusivity period. Completion of the deal is subject to appropriate due diligence.
Breatheasy identifies housing stock at below-market value with a view to achieving strong rental yields, with housing stock being acquired via a variety of key strategic partnerships and from owners looking to dispose of property expeditiously.
A key facility offered to owners wishing to dispose of their property is the option to stay in the property whilst paying a fair market rent rate. The tenant also has the option to purchase the property at a later date if they wish.
Properties identified will be acquired and managed on behalf of third party investors and also directly for In House, providing a combination of additional income streams and the potential for capital growth. Properties acquired by the group will be financed from a combination of existing finance facilities and new finance facilities currently under discussion with a commercial finance broker.
The 50m new shares will be admitted to trading on AIM on November 21, bringing In House’s issued share capital to more than 2bn units.
Comments? cshoesmith@crain.com
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